Answer to Kieso Exercise 13-5 - $ 10 $ 11 Vacation Days...

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Rayo, Erika Joy A. 12 July 2010 MODADV3 K31 Prof. Florenz Tugas Answer to Kieso Exercise 13-5 Matt Broderick Company began operations on January 2, 2006. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Particulars 2006 2007 Actual Hourly Wage Rate
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Unformatted text preview: $ 10 $ 11 Vacation Days Used by Each Employee 9 Sick Days Used by Each Employee 4 5 Matt Broderick Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Requirements: Prepare journal entries to record transactions related to compensated absences during 2006 and 2007. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2006 and 2007. Answer:...
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